The disclosure, made through the Nigerian Exchange Limited (NGX), reiterates the company’s commitment to aligning employee and shareholder interests while driving sustainable long-term growth.

According to the statement, Access Holdings Plc vested a total of 1,090,007,129 ordinary shares of N0.50 each to eligible employees and executives as part of the LTIP.

The shares, valued at the current market price, were allocated to participants who met the performance and tenure benchmarks outlined in the plan.

The initiative aims to incentivise key personnel, enhance retention, and drive continuous value creation for shareholders.

A Long-Term Incentive Plan (LTIP) is designed to reward employees, especially senior executives, for achieving targets that enhance shareholder value.

In aligning employee rewards with company growth, LTIPs not only help retain top talent in a competitive market but also support long-term corporate success.

Common forms include stock options, performance shares, restricted stock units, and deferred compensation schemes.

Among those allotted shares under the LTIP are Mrs Chizoma Okoli, deputy managing director (Retail South), who received 5,502,183 share units; Hadiza Ambursa, executive director (Commercial Banking Division); Dr Gregory Jobome, chief risk officer; and Seyi Kumapayi, group chief financial officer, who each received 3,930,131 share units. A total of 684 other employees of Access Bank also received varying numbers of share units.

The announcement follows Access Holdings PLC’s strong performance trajectory. The company recently reported its Q3 2025 unaudited financial results, recording a Profit Before Tax (PBT) of N616.25 billion, up 10.4% from N558.18 billion in Q3 2024. However, Profit After Tax (PAT) dipped slightly by 2.23% to N447.55 billion.

As of Monday, November 10, 2025, Access Bank shares traded at N21.95, compared to N22.00 at market close on Friday, November 7, 2025.

The company remains listed on the Premium Board of the Nigerian Exchange Group (NGX).

The appointment, disclosed in a filing on the Nigerian Exchange and signed by Company Secretary Sunday Ekwochi, takes effect from August 29, 2025, following regulatory approval.

Ike succeeds Ms. Bolaji Agbede, who has served as acting group CEO for the past 18 months. She will return to her substantive role as Executive Director, Business Support, in line with regulatory requirements on the tenure and qualifications of Financial Holding Company chief executives.

In a statement, Aigboje Aig-Imoukhuede, the company’s chairman, said,

“We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede. Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Mr. Innocent Ike pledged to build on the company’s legacy while steering it towards its long-term vision.

A graduate of the University of Lagos with a BSc (Hons) in Accounting, Ike was the Best Graduating Student in 1988. He is a Fellow of both the Chartered Institute of Bankers of Nigeria (CIBN) and the Institute of Chartered Accountants of Nigeria (ICAN), as well as a Certified IFRS expert.

He brings over 30 years of banking and financial services experience, including a decade at Access Bank, where he rose to the position of General Manager and managed corporate, commercial, and public sector portfolios.

For many, owning shares in top-performing banks has become a smart way to earn passive income. As several banks reported substantial profits for the 2024 financial year, many financial institutions are distributing the profits to their shareholders.

Here’s a look at the top Nigerian banks rewarding their investors with some of the highest dividend yields in the market based on the 2024 declared dividend:

8. First HoldCo Plc:

Dividend yield: 2.14%

Dividend Growth (2023-2024): 50%

First HoldCo Plc, one of Nigeria’s oldest financial institutions, is the only bank paying the lowest dividends among the FUGAZ banks, placing it right at the bottom of our list of banks paying the highest dividends in Nigeria based on the dividend yield.

Dividend yield reflects the percentage of return on investment based on how much the stock costs. It reflects a more actual return on your investment.

A company dividend per share may be higher, but still has a low dividend yield, because the dividend may be high but when compared to the share price, the actual return on investment is relatively small. For instance, a N5 dividend on a N31 share is a better yield than a N8 dividend on a N68 share.

FirstHoldCo declared a dividend of N0.60 per share for the 2024 financial year, amounting to a 2.14% dividend yield for the year. While the bank payout ratio stood at 3.21%.

The bank dividend marks a 50% growth rate from the N0.40k per share declared in 2023.

7. Stanbic IBTC Holdings Plc:

Dividend Yield: 8.20%

Dividend Growth: 51.5%

Sitting comfortably in the seventh position is Stanbic IBTC Holding Plc with a dividend yield of 8.20%. For the 2024 financial year, Stanbic IBTC Holdings Plc posted a profit after tax of N225.3 billion, a 60% surge from the N140.6 billion recorded in 2023.

As the company’s profit surged, its shareholders dividend also soared to a total dividend of N5 for the year, which consisted of a N2 interim dividend and N3.00 final dividend.

In terms of dividend payout ratio, its payout ratio stood at 29.24%, highlighting the business stability. Payout ratio indicates the percentage of profit paid out to shareholders in the form of dividends.

Companies with higher dividend payout ratios are typically more attractive to investors looking for income-based investments.

However, high payout ratios mean less profit is being reinvested into the business and may impact the company’s growth potential.

Over the years, the bank has shown consistent growth, highlighting its commitment to shareholder returns. It declared N3.50k and N3.30k in 2022 and 2023, respectively, marking 51% year-on-year growth.

6. Wema Bank Plc:

Dividend Yield: 9.10%

Dividend Growth: 50%

Wema Bank Plc might not be among the top banks paying large amounts to investors, as the bank just crossed to the list of banks paying in naira instead of kobo per dividend as the bank declared a dividend of N1.00 per share.

However, based on dividend yield, the bank’s dividend yield stood at 9.10%. That is, as an investor if you had invested prior in the bank earlier, you would be cashing out 9.10% of the total amount invested as a dividend for the year.

For the payout ratio, the bank’s payout ratio is at 20.69%, showing the banks reinvest 79.31% of its profit into the business. Its dividend growth has also seen a consistent increase from 40% increase in 2023, to N0.50k, to 50% increase in 2024, to N1.00 dividend declared per share.

5. Zenith Bank Plc:

Dividend yield: 10%

Dividend Growth: 25%

Zenith Bank Plc, one of the FUGAZ banks, has consistently affirmed its commitment to shareholders returns, reflected in its consistent growth in dividends declared, placing it among the banks paying the  highest dividends in the financial sector.

In 2024, the company’s profit after-tax surpassed N1 trillion, posting N1.03 trillion profit for the year. The company declared a N4.00 final dividend, bringing the total dividend to N5.00.

This accounts for a dividend yield of 10% and a payout ratio of 15%. Highlighting the bank’s growth potential as it reinvested 68.42% of profit back into the business.

It has consistently maintained a steady dividend payout. The bank paid N3.2 per share in 2022, N4 per share in 2023, then N5 per share in 2024. Following its impressive performance, the company has promised a bigger dividend payout to shareholders in the future.

4. Fidelity Bank Plc:

Dividend Yield: 11.06%

Dividend Growth: N162.5%

Fidelity Bank Plc declared a final dividend of N1.25k per share in addition to the interim dividend of N0.85k per share in 2025, bringing the total share declared for 2024 to N2.10, amounting to 11.06%.

The bank payout ratio stood at 31.58%, showing that the bank returned about 31% of its profits to shareholders while it reinvested about 68%.

It has a rapid dividend growth, with N2.10 dividend per share declared in 2024, marking a 162.5% year-on-year growth in payout from the N0.80 declared in 2023, providing an attractive yield to  investors.

3. GTCO Holdings Plc

Dividend yield: 11.81%

Dividend Growth: 150.9%

Based on the amount paid per share alone, GTCO could have ranked first in the list of top paying banks. However, in terms of dividend yield, which reflects the actual return on investment, it currently ranks third with a dividend yield of 11.81%.

GTCO stood out as one of the top-paying dividend stocks in 2024, rewarding shareholders with a total dividend payout of N8.03 per share made up of N1 interim dividend and N7.03 final dividend.

With over N1 trillion declared in profit, it ensured that shareholders felt the impact in their returns, reaffirming its commitment to delivering returns to shareholders with a payout ratio of 23%.

Its dividend growth rate has been on a consistent growth rate with N3.1 dividend per share in 2022, N3.2 per share in 2023, while it more than doubled in 2024 to N8.03.

2. Access Holdings Plc:

Dividend yield: 11.9%

Dividend growth: 19%

Access Holdings Plc, Nigeria’s largest financial institution based on assets, stood in second place with a dividend yield of 11.9% in 2024.

Following its performance in 2024, the bank declared a final dividend of N2.05 per share, combined with the interim dividend of N0.45 per share, bringing the total share for the year to N2.50k.

The bank payout ratio stood at 14.96%, in comparison to some other Tier 1 banks. The bank returns to investors improved in 2024 as it declared N125.29 billion as dividends to shareholders in 2024, a 67 percent increase from the N74.6 billion paid in 2023.

Following its performance, the company shared its forward-looking plan to deliver N1 per share as an interim dividend in 2025.

1. United Bank for Africa (UBA):

Dividend yield: 15.97%

Dividend growth: 78.6%

United Bank of Africa (UBA) takes the top spot for banks paying the highest dividend to shareholders with a dividend yield of 15.97%.

The payout ratio stood at 23%. The dividend per share has also seen considerable growth over the years, growing steadily, with N1.1 per share declared in 2022, N2.8 per share in 2024, while it witnessed a 78.6% surge in 2024 to N5.00 per share.

Although other banks may have paid higher per-share payout, its high dividend yield sets it apart, as the top bank giving the highest return on investment to investors from its declared dividend.

When considering the financial institutions with the best returns based on dividend returns to shareholders, it is not enough to look at the per-share payout amount only, but to also look at it in conjunction with its percentage return, especially when considering income-based stocks.

Approved during the group’s Annual General Meeting held in Lagos on Thursday, the fund brings the company’s total dividend for 2024 to N2.50 per share.

Shareholders have commended the management for the group’s performance and strategic expansion.

Speaking during the meeting, Aigboje Aig-Imoukhuede, chairman of Access Holdings PLC stated that the group’s performance signifies the strength of its balance sheet, while also highlighting how it raised N315 billion through a rights issue from its capital raising programme.

He commended the improvement in the company’s capital base, which increased shareholders’ funds to N3.76 trillion and made Access Bank the first bank to achieve the new N500 billion minimum requirement set by the Central Bank of Nigeria.

Aig-Imoukhuede also stressed the group’s commitment to boosting shareholders’ value through strategic expansion, continuous innovation, and cost efficiency.

Access Holdings recorded success across key performance metrics in 2024 as gross earnings grew by 88% year-on-year to N4.88 in 2024, from N2.59 trillion in 2023. While profit before tax surged to N867 billion from N729 billion the prior year.

Bolaji Agbede, acting group executive officer, also highlighted the group’s growth strategy, which focuses on innovation, diversification of revenue streams, and the integration of technology to boost service delivery.

According to her, Access Holdings is positioned for success across its banking operations in four continents, including its non-banking subsidiaries.

The approvals came in quick succession. First, the Central Bank of Kenya (CBK) signed off on the deal on April 4. Then, six days later, Kenya’s Treasury gave its nod. With these cleared, Access Bank is now the outright owner of NBK, having secured all of KCB Group’s shares in the institution.

This is not a merger of equals. Access Bank didn’t just walk into Kenya’s banking space yesterday. Back in 2020, it snapped up Transnational Bank, and now, with NBK under its belt, it’s laying down roots in one of East Africa’s most competitive markets. I’ve been following Access for years, and this move doesn’t surprise me—it’s the kind of daring expansion they’ve made a habit of.

The structure of the deal? Straightforward enough. KCB Group, which acquired NBK in 2019, is now exiting. But before stepping out, KCB will shift certain NBK assets and liabilities to its own subsidiary, KCB Bank Kenya. Both CBK and the Treasury signed off on that too. It’s all part of a bigger clean-up—make the books neat, get out, hand it over.

No word yet on the final deal value, but industry estimates put it around $100 million, based on NBK’s 2023 book value. That figure could still change. For context, KCB had spent over $63 million propping NBK up since it took over. Now, with Access stepping in, the expectation is fresh capital injections and possibly a strategic overhaul.

Kamau Thugge, the CBK Governor, made the announcement official in a government notice: “Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC.”

The Finance Cabinet Secretary, John Mbadi, followed with his own approval on April 10. It’s all above board, legally watertight.

But what does this really mean for Kenyans?

NBK has been around since 1968. It was built as a fully government-owned lender—its mission was to give Kenyans more financial control in the years following independence. That mission eventually got muddled, and by 2019, it was bleeding badly. KCB took it in, tried to revive it, and now Access is taking on the burden—and opportunity.

For Access Bank, this is about scale and reach. NBK has an extensive branch network. That infrastructure—combined with Access’s digital playbook—could unlock serious potential. Think retail banking expansion, fintech innovation, and cross-border offerings. The CBK, for one, sees it as a win. “This transaction will ensure continued stability and enhance the resilience of the Kenyan banking sector,” it said.

Access Holdings, the parent company, has been eyeing pan-African dominance for a while. With a presence in over a dozen African countries and beyond—from Ghana to Zambia, London to Dubai—it’s been building quietly but steadily. The Kenya move is just the latest in a pattern that shows no signs of slowing.

Of course, the deal isn’t sealed until Nigeria’s regulators give their go-ahead. But with approvals on the Kenyan side sorted, it’s hard to see this falling through.

Bottom line? This is a power play. Access Bank is not here to play small. Kenya, it seems, is just the next frontier.

This, according to Punchng.com report, was indicated in the offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement of the Central Bank of Nigeria.

In late March, the CBN announced new capital requirements for the banks operating in the country.

The apex bank directed commercial banks with international authorisation to increase their capital base to N500bn, national banks to N200bn and those with regional authorisation were expected to achieve a N50bn capital floor.

CBN gave the financial institutions two years to achieve the target and three options: raising additional capital, mergers and acquisitions, and licence upgrade or downgrades.

According to PwC, there is a significant capital shortfall of N4.2tn across all licence categories, as much as between 35 per cent and per cent of the new minimum capital.

Punch’s analysis of the offering documents showed that Guaranty Trust Holding Company had budgeted the highest amount to be invested in technology.

GTCO offered nine billion ordinary shares of 50 each at N44.50 per share with the intent to raise about N400.50bn.

Of its net proceeds of N392.49bn, the holding company said 94.3 per cent of the proceeds (N370bn) would go towards the recapitalisation of its banking subsidiary, GTBank, while the remaining 5.7 per cent would be on the acquisition of pension fund administration and asset management businesses.

The offer document revealed that GTBank intends to spend N98.50bn (26.6 per cent) of the net offer proceeds on technology infrastructure upgrades, with a majority of it going towards, “Core banking application implementation, associated hardware infrastructure, network architecture, and ancillary costs related to optimisation of data centre/disaster recovery centre.”

Meanwhile, information security & fraud prevention and detection software get about N15bn (4.1 per cent) of the net proceeds.

Access Holdings indicated that 20 per cent of the net proceeds from its rights offer (N343.09bn) would be invested in IT infrastructure upgrades and development.

About N41.17bn would be invested in network infrastructure and N27.48bn in cyber defense capabilities, bringing the total spend on IT to N68.62bn.

A significant portion of the net proceeds would go towards local and international business expansion (N223.01bn).

Zenith Bank Plc said that the proceeds of its offering would “enable the bank to conclude the overhaul of its information technology infrastructure and provide additional working capital to support its expanding operations and enable the Bank to take maximum advantage of emerging opportunities”.

For investment in technology, Zenith Bank noted that it would spend about 20 per cent of the net proceeds, N99.27bn, which amounts to N19.85bn.

A breakdown showed that Zenith Bank planned to spend N8.93bn on computer hardware/servers, N3.97bn each on software licences, registration and network infrastructure upgrades and another N2.98bn on cybersecurity architecture/software.

Fidelity Bank, which has closed its offering, planned to invest about N19.01bn in IT infrastructure, which is about 20 per cent of the net proceeds from the offering.

The bank, which raised about N127bn in its combined offer, said that it intended to invest N9.03bn in cybersecurity capabilities, N7.60bn in software licences and hardware and N2.38bn as additional investment in its network infrastructure.

Of the five banks reviewed, FCMB Group has the least amount budgeted for technology at N16.22bn (15 per cent of the net proceeds).

About N11bn would go to upgrade its information technology infrastructure and N5.23bn towards investment in cybersecurity capabilities.

Fresh budgets for IT infrastructure are being allocated amid a recent surge in attacks on banks’ technology infrastructure, resulting in financial losses and subsequent legal actions.

[Featured Image Credit]

This Annual results of the financial institutions filed with the Nigerian Exchange Limited revealed.

The financial institutions analysed include; Access Holdings, FCMB, Sterling Financial Holding, Fidelity Bank, Wema Bank, Stanbic IBTC, Guaranty Trust Holding Company, Zenith Bank Plc and United Bank for Africa Plc.

The banks, in their statements, explained that the legal disputes emerged as part of regular business operations, encompassing various actual and potential claims, lawsuits, and other proceedings about alleged errors, omissions, and breaches.

It was also highlighted that while the directors were confident, based on current information and counsel advice, that none of the outcomes from the proceedings would significantly impact the bank’s financial position, monetary provisions were set aside to resolve these claims.

However, publicised legal battles can damage a bank’s reputation, increase regulatory scrutiny and operational disruptions leading to loss of customer trust, potential investors, and business confidence, according to analysts.

“The Group litigation portfolio as of 31 December 2023 consisted of 416 cases and the aggregate value of monetary claims was N275,274,345,488.90; USD$4,468,675.78 & GB £74,284.64,” it said.

In the period under review, GTBank reported a provision of N9.1bn for litigation claims from 1,060 cases.

In the cases; as a defendant (31 December 2022: 943) and 486 as a plaintiff (31 December 2022: 483).

Similarly, FCMB Group, according to its unaudited report for 2023, reported a loss of N6.33bn, while Access Bank reported a loss of N3.46bn from numerous legal actions arising out of its normal business operations.

The report further stated that Fidelity Bank earmarked N1.19bn for legal dispute claims; Wema Bank N1.14bn; and Sterling Bank N10m.

Zenith Bank, which got a total loss of N33bn within one year. The tier-one bank said the total amount claimed in the cases against the Group is now estimated at N1tn from N967bn recorded as of 31 December 2022 but affirmed that none of the aforementioned cases would likely have a material adverse effect on its banking activities.

UBA reported 1,649 legal cases and provisioned N320.12bn for potential claims.

It also stated that “The group, in the ordinary course of business is currently involved in 1,649 legal cases from 1,422 cases in 2022. The total amount claimed in the cases against the Group is estimated at N986.247 billion from N666.124 billion in 2022, highlighting an increase of N320.12bn.

The directors having sought the advice of professional legal counsel, think that no significant liability will crystalized from these cases beyond the provision made in the financial statements.”

The increased reporting of litigation claims by banks probably followed sanction threats by the Financial Reporting Council of Nigeria to sanction companies hiding or underreporting the value of legal claims.

According to FRC, such sharp practice violates IAS 37, a part of International Financial Reporting Standards set up by the International Accounting Standards Board.

As a result, FRC said that going forward, it would hold any accounting professional or company responsible for any breach of its governance codes.

According to Dr Rabiu Olowo, the executive secretary and chief executive officer of the council, any accounting professional who goes against the core of conduct will be barred from practice.

Olowo said, “So, one of the things we could do is to make sure that we do not allow any professional who goes against the core conduct that is expected in the profession to practice.

“If you look at FRC and what the ACCA stands for; we are not just about promoting the works of accountants; we want to make sure we promote and oversight credible work that would lead to credible financial reporting. It’s the kind of alignment that we share as FRC and the ACCA.”

Her appointment follows the demise of Herbert Wigwe, who until his death in a helicopter crash in the U.S. was the CEO.

Education

Agbede holds a bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and subsequently obtained a Master of Business Administration degree from Cranfield University in 2002.

She is a member of the Chartered Institute of Management UK and Chartered Institute of Personnel Management of Nigeria.

She has attended several renowned leadership and professional development programs including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised by the London Business School.

Career

Ms. Agbede is a versatile professional with over 27 years’ experience in Human Resources management, customer relationship management and banking operations. She has a proven record of successful people integration during mergers and acquisitions, culture transformation and execution of corporate strategies.

She commenced her professional career in Guaranty Trust Bank and served in various capacities including Relationship Manager and Vault Custodian.

She diligently distinguished herself and swiftly rose from the grade of Executive Trainee in 1992 to Manager in 2001.

Ms. Agbede subsequently served as the Chief Executive Officer of JKG limited in 2003 a business consulting outfit.

Ms. Agbede joined Access Bank in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies.

Bolaji Agbede has occupied the role of Head, HR for the Access Bank Group since 2010 wherein she oversees the human capital development of the Group.

Her appointment was announced on Monday following the death of Dr. Herbert Wigwe, the former Group Chief Executive Officer.

Wigwe died in a helicopter crash alongside his wife, son, and Abimboloa Ogunbanjo, a former chairman of the Nigeria Exchange Group, on Friday.

A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria.

“Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr Herbert Wigwe, on February 9, 2024.

“The appointment is subject to the approval of the Central Bank of Nigeria,” the statement read in part.

Agbede who joined Access Bank in 2003 as an Assistant General, has nearly three decades of professional experience cutting across banking and business consultancy services.

She served in different roles at the bank including, Head, Group Human Resources between 2010 and 2022 before she was appointed the company’s founding Executive Director, Business Support in 2022, a role she held until her new appointment

She holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Masters of Business Administration Degree from Cranfield University UK in 2002.

Ms. Bolaji Agbede is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

The group’s statement announcing the passing of Herbert Wigwe read, “In line with the Company’s policy, the Board will soon announce the appointment of an Acting Group Chief Executive Officer even as we remain confident that the Access Group will build further on Dr Wigwe’s legacy of growth and operational excellence.”

Access Holdings is a sprawling conglomerate with an asset base of over a total of N21.4 trillion by far the largest of any financial institution in Nigeria.

The company also has a market cap of over N800 billion and was recently just part of the SWOOTs.

The bank and its sprawling influence require that a decision is made sooner rather than later about the leadership of the corporation to avoid a vacuum.

The recent passing of Herbert Wigwe, former managing director of Access Bank and Group CEO of Access Holdings, has sent shockwaves through the banking community.

Wigwe’s untimely demise not only marks a profound loss for Access Holdings but also signifies a significant void in the banking sphere, even beyond the borders of Nigeria.

Wigwe’s tenure at Access Bank was nothing short of transformative. Joining the institution in 2002 as Deputy Managing Director, he played a pivotal role in its evolution. In 2014, Wigwe assumed the mantle of Managing Director, succeeding Aigboje Aig-Imoukhuede.

Under his leadership, Access Bank embarked on a remarkable journey of expansion, extending its reach far beyond the confines of Nigeria.

Before his untimely passing, Wigwe was serving as the chairman of Access Bank (UK) Limited, and Non-executive director of Nigerian Mortgage Refinance Company Plc and FMDQ OTC Securities Exchange.

The investigation is still ongoing by the US National Transportation Safety Board (NTSB) into the cause of the crash.

However, NTSB member, Michael Graham while briefing journalists about the crash noted that the weather conditions at the time of the accident suggested “rain and a wintery mix”.

Wigwe was aboard the Airbus EC130 Helicopter with his wife, Chizoba, son, Chizi, and Mr. Abimbola Ogunbanjo, the former Group Chairman of the Nigerian Exchange Group Plc.